UBS is reorganizing its management, naming CFO Tom Naratil to succeed Robert McCann as president of UBS Americas and Wealth Management Americas.

The moves are the latest by Sergio Ermotti, the bank’s CEO, who scaled back the investment bank starting in 2012 to focus more on wealth management, a business that rival Credit Suisse now also wants to prioritize. UBS is the world’s largest wealth manager and derives the biggest chunk of income from managing money for high-net-worth and ultrahigh-net-worth clients.

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